1.5 Goals of a market economy (six)

5 Economic goals (six)

Multiple Choice

What kind of economy does the United States have?

• Free market

• Authoritarian

• Traditional

Multiple Choice

You have the right to produce and sell goods and services of your choosing.

• true

• false

TRUE: you can produce and sell things if you want to.

LEGAL things- you do not have the freedom to illegal goods

Open Ended

Our goal is to be economically _________

Multiple Choice

When people have the same OPPORTUNITY in an economy, what is it called?

• capitalism

• equity

• equality

Multiple Choice

Economic growth is the goal. We hope to growth by a _____ increase in our GDP each year.

• 10%

• 1.5%

• 3%

Open Ended

The feeling that your money is safe and will not be lost by bank failure is called ______

Multiple Choice

What are the 2 bad things in our economy that show instability?

• unemployment and

  inflation

• inflation and

  stagflation

• unemployment and

  starvation

Multiple Choice

Full employment does NOT mean that every person has a job. What % of unemployment do we accept as "normal" and not dangerous?

• 7%

• 3%

• 5%

Open Ended

A general rise in prices is called _______

Open Ended

What are the 6 economic goals? here is the acronym to help you out!

F.E.E.S.S.G.

(fred eats eggplant so slowly it's gross)